MultiChoice, the owners of DStv and GOTV, has announced that it has acquired a 20% stake in BetKing, a Nigerian sports betting platform.
As part of the deal, MultiChoice has made an upfront investment of $81 million with the potential for a further payment of $31 million should certain earn-out targets be met.
As Multichoice exercises significant control over BetKing, the business will be equity accounted as an associate from 1 October 2020 by pay-TV company. The company said the deal is part of its plans to expand its entertainment ecosystem.
BetKing is a high-growth sports betting group with operations in Nigeria, Kenya, and Ethiopia. It was founded in 2018 by Adekunle Adeniji and Byron Petzer.
Among the offerings of the company’s services are sports betting, not restricted to football, hockey, cricket, tennis, basketball, and customized state-of-the-art virtual games.